TANZANIA BANKING SECTOR IN SOUND HEALTH - DR. ASHATU KIJAJI

Deputy Minister for Finance and Planning, Dr. Ashatu Kijaji.

Tanzania has the best and huge untapped financial and banking investment opportunities that attract the interests of global investors.

Deputy Minister for Finance and Planning Dr Ashatu Kijaji has said after launching of the United Bank Limited (UBL) Kariakoo branch on Monday that financial sector has shown impressive growth contrary to recent negative comments directed to it.

“The financial services industry in the country has shown impressive growth in the last couple of years and makes the sector to increase its efficiency,” she said. She said recently there were negative comments on the banking sector operations with some stakeholders saying they are facing bankruptcy while others like UBL Tanzania Limited is expanding its branch network.

She said it was encouraging to see the interest of global financial institutions coming in Sub-Saharan region and specially Tanzania. “I would like to assure you that the government is committed to improve the investment climate,” she said.

She added, “We appreciate that Tanzania has an ample supply of mineral resources a largely untapped tourism sector and an abundance of talent in shape of its rising youth, all these make the country a viable market for foreign investments,” She said it was important to note that Pakistan enjoys a cordial relationship with Tanzania and UBL’s further investment testifies this relationship

On his part, UBL President and Chief Executive Officer, Wajahat Husain said the bank’s decision to choose Tanzania for its first foray into Africa, was based on a number of positive elements about the country.

These include the sound economic performance as evidenced by its GDP growth, its political stability, the country’s abundant natural resources and the fact that the Dar es Salaam port serves as an important conduit in facilitating the trade flows within Tanzania and beyond to 6 neighboring countries. “I am proud and honoured that UBL has opened its new branch at Kariakoo.

We thank the government, Bank of Tanzania and our customers for the confidence and trust they have on us,” Husain said.

He said UBL will continue in its pursuit of providing superior financial products and services to the bank’s esteemed customers.

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